Gia Lai Electricity (GEG) issues 200 billion bonds to restructure maturing debts

Recently, Gia Lai Electricity Joint Stock Company (Code: GEG) has successfully issued a new bond lot with code GEGH2429003 including 2,000 bonds with a face value of VND 100 million. The bond lot has a term of 5 years, maturing on August 26, 2029.

The bond lot has a total value of VND 200 billion, secured by 61 million shares of TTC Duc Hue - Long An Electricity JSC, owned by GEG. In addition, GEG also added 20.8 million shares of Gia Lai Hydropower JSC (Code: GHC) after the maturity of the bond lot code GEGB2124002 (maturity date no later than November 1, 2024).

Gia Lai Electricity (GEG) recorded increased revenue from Tan Phu Dong 1 Wind Power in the first half of 2024 (Photo TL)

With the newly issued GEG2429003 bond lot, the interest rate will be a combination of fixed and floating. The first year's interest rate is fixed at 9.5%. From the second year to the end of the fourth year, the interest rate will be floating with a margin of 3.9%/year, with a minimum of not less than 10%/year. The fifth year will apply a floating interest rate with a margin of 5.4%-11.5%/year.

According to Dien Gia Lai, the issuance of new bonds to restructure part of the value of the GEGB2124002 bond lot was issued on 20/21/2021 with a current circulating value of more than 521 billion VND.

Besides, GEG is still circulating 2 other bond lots with codes GEGH2427002 and GEGH2429001 with a total value of 300 billion VND, with terms of 3 years and 5 years respectively.

In the first half of 2024, GEG recorded revenue in Q2/2024, profit after tax also increased to VND 21 billion, 2.5 times higher than the same period. Q1 also witnessed strong growth, bringing total net profit in the first half of the year to VND 111 billion, up 52% over the same period last year.

Source: https://www.congluan.vn/dien-gia-lai-geg-phat-hanh-200-ty-dong-trai-phieu-de-co-cau-cac-khoan-no-den-han-post310469.html